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Mortgage Market Update
My Mortgage Company
Financial Mortgage Corp
Tuesday, November 3, 2026
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Does it make sense to refinance right now? |
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Not every rate move means you should refinance. Here's how to figure out what actually makes sense for you.
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National Mortgage Rates · November 2, 2026
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Conventional 30-Year
7.13%
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Source: Optimal Blue daily mortgage indices via FRED
Rates shown are national mortgage index rates and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Refinancing Strategy
When refinancing makes sense (and when it doesn't)
Refinancing isn't always the right move, even when rates look appealing. The real question isn't just whether rates have dropped—it's whether the cost to refinance pencils out over the time you plan to stay in your home. Sometimes you're better off keeping your current loan. Other times, refinancing can meaningfully lower your payment or help you build equity faster. The best way to know? Run the numbers. I can walk you through what a refinance would actually cost and how long it would take to break even. That's the only way to decide if it's worth doing. Let's talk through whether refinancing makes sense for your situation.
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Tip of the Week
Refinancing resets your amortization clock. If you're 10 years into a 30-year loan, consider a shorter term to avoid paying more total interest.
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Tips for Homeowners
Co-Signing a Mortgage: What You're Really Agreeing To
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1.
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Co-signing makes you equally responsible for the debt. If the primary borrower misses payments, your credit score takes the same hit and the lender can pursue you for the full balance.
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2.
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The co-signed mortgage debt appears on your credit report and counts toward your DTI. This can limit your ability to qualify for your own financing until the loan is paid off or refinanced out of your name.
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3.
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There's no automatic way to remove yourself as a co-signer — the primary borrower must refinance the loan in their name alone. Get this understanding in writing before you sign.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Financial Mortgage Corp
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